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PXI vs. ETF Alternatives
PowerShares DWA Energy Momentum Portfolio (Fund) is based on the DWA Energy Technical Leaders Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to identify companies that are showing relative strength (momentum), and is composed of at least 30 common stocks from a universe of approximately 3,000 common stocks traded on US exchanges. The Fund and the Index are rebalanced and reconstituted quarterly.
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Tuesday, Sep 172013, 7:15 PM
Tuesday, Sep 172013, 7:15 PM| 3 Comments
- The national U.S. average gasoline price chalked up its 1,000th consecutive day above $3/gallon today, with no break in sight, according to AAA.
- The numbers offer some good news for drivers and bad news for oil companies: Monday’s price of $3.52 was $0.35 less than a year ago despite crude oil prices having risen ~$10/bbl in that time, and gas prices have stayed in a fairly narrow range of $3.40-$4 since the start of 2011.
- Gas prices could moderate but they won't fall below $3/gallon, says Patrick DeHaan of GasBuddy.com; paying less than $3 may have gone the way of using eight-track tapes or going to a drive-in movie, AAA's Bob Darbelnet says.
- ETFs: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG.
Wednesday, Aug 282013, 11:59 AM
Wednesday, Aug 282013, 11:59 AM| 1 Comment
- Energy stocks (XLE +1.9%) lead the way this session as West Texas crude tests $110, with tensions over Syria continuing to feed Middle East supply concerns; Syria concerns and Libyan export cuts are trumping the bearish influence from a surprise gain for U.S. crude supplies.
- Among sector leaders: MRO +3.3%, EOG +3.1%, CVX +2.5%, TOT +2.4%, WLL +2.4%, APC +2.2%, RDS.A +2.1%, XOM +2.1%, HAL +2%, SLB +2%, COP +1.8%, PSX +1.7%, BP +1.6%, APA +1.6%, HES +1.5%, KOG +1.3%.
- ETFs: ERX, VDE, DIG, IEO, IEZ, IYE, PXE, PXI, XES, XOP, RYE, FXN, OIH, PXJ, PSCE, ERY, DUG, DDG, FRAK.
- After big losses yesterday, gold miners (GDX +2.4%) are strong today despite only a slight gain in the metal.
- Miners: ABX +3.6%, GG +3.2%, NEM +2.2%, KGC +2%, SLW +2%, GFI +1.2%.
Monday, Aug 122013, 1:14 PM
Monday, Aug 122013, 1:14 PM| Comment!
- Know your ETF. The United States Oil Fund (USO) has returned just 0.6% annualized over the last 3 years even as WTI has gained 30%. The reason is its reliance on the futures market. With the market in its normal state of contango (out prices are higher than near prices), buy and hold gets creamed as contracts are rolled over.
- USO's strong performance this year has much to do with a futures market in "backwardation" - near term contracts are priced higher than longer-term ones. Unless you believe it's going to continue - and Newedge's Robbert van Batenburg says backwardation is extremely rare in WTI oil - it may be best to leave USO to the fast-money crowd.
- Oil funds that might enjoy a return to contango include USL and DBO, but perhaps the best way to play is through oil companies which benefit from a market allowing them to sell forward at better prices. The SPDR S&P Oil & Gas Exploration ETF (XOP) is an interesting ETF candidate.
- Related energy ETFs: U.S.: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG.
- Related oil ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI.
Tuesday, Jul 162013, 1:13 PMEnergy (XLE -1.1%) is the worst performing S&P sector today with refiners taking the biggest hit following Marathon Petroleum's (MPC -4.9%) profit warning, which came on the heels of Valero's (VLO -2%) warning a few days ago as higher oil prices alongside flattish product pricing isn't a great combination. Others: Phillips 66 (PSX -3.3%), Tesoro (TSO -2.6%). |Tuesday, Jul 162013, 1:13 PM| Comment!
Friday, May 32013, 8:00 AM"We don't want to sell in May and we continue to prefer cyclicals (XLY, XLI, XLB, XLE) ," says JPMorgan's Tom Lee, fully returned to his normal bullish stance. He notes client positioning is "dramatically different" from the heavily long stance of the last 3 years at this time. More, the downturn in gasoline prices could ad 50 bps to GDP in Q2, and the rally in high-yield suggests the economy is set to get stronger. |Friday, May 32013, 8:00 AM| 1 Comment
Thursday, Mar 212013, 9:38 AMGoldman Sachs believes the selloff in oil service stocks creates a buying opportunity, as it sees Q1 earnings growing at a faster rate driven by completion work. The firm expects Halliburton (HAL) to report in-line Q1 results and recommends buying on the recent pullback, suggests Basic Energy (BAS) on better utilization, and likes Nabors Industries (NBR) on relative valuation. |Thursday, Mar 212013, 9:38 AM| 9 Comments
Wednesday, Feb 202013, 3:21 PM
Thursday, Jan 312013, 11:57 AMFidelity Contrafund manager Will Danoff is cautious about the energy sector (XLE), noting some companies continue to chase growth at the expense of returns. The industry - which made a massive investment in shale gas, causing prices to collapse - is doing the same thing with shale oil, he says. |Thursday, Jan 312013, 11:57 AM| Comment!
Friday, Dec 142012, 7:50 AMThe oil services sector sees some action from Goldman Sachs, which upgrades Marathon Oil (MRO) to Buy, with $39 price target. Marathon sticks out from its industry brethren, says Goldman, thanks to improved execution in Eagle Ford and Bakken shale plays. Also reportedly liked by Goldman are Halliburton (HAL) and Occidental (OXY). |Friday, Dec 142012, 7:50 AM| 1 Comment
Friday, Oct 192012, 12:48 PMMore on yesterday's Goldman oil call: It includes a cool chart plotting the breakeven point on all of the planet's major oil projects. Goldman estimates the industry needs $115 oil to be cash flow neutral on its exploration vs. just $84 four years ago. "Further capex growth from current levels will likely be more constrained unless oil prices move higher." |Friday, Oct 192012, 12:48 PM| 7 Comments
Friday, Oct 122012, 2:29 PMThe natural gas rig count declined again last week, falling by 15 to 422 vs. 936 a year ago. The number of working gas rigs is the lowest since June 1999, but this may not mean a supply crunch is coming as oil rig activity - which yields plenty of natural gas - remains strong. Still, it's hard not to notice the correlation between collapsing gas rig counts and natural gas prices up about 90% in 6 months. |Friday, Oct 122012, 2:29 PM| 7 Comments
Wednesday, Oct 102012, 7:17 AM
Tuesday, Oct 92012, 2:42 PMIraq is expected to contribute almost half of increased world oil production between now and 2035, says the IEA. and the country would leap over Iran and Venezuela to sit behind Saudi Arabia as the second most influential member of OPEC. Of late though, the country has been missing production targets thanks to insecurity and a lack of infrastructure. That's where U.S. oil service firms come in. |Tuesday, Oct 92012, 2:42 PM| 4 Comments
Thursday, Sep 272012, 3:31 PMThe cure for low prices is low prices. Left for dead a few months back, natural gas soars today to its highest price this year as the multi-year collapse in working rig counts looks to finally be taking effect. UNG +3%. The double-levered oil & gas ETF (DIG), +30.1% in Q3. |Thursday, Sep 272012, 3:31 PM| 12 Comments
Monday, Aug 202012, 4:24 PMWhile 80% of S&P 500 stocks are above their 50-day moving average, all of the defensive sectors - Telecom, Consumer staples, Health care, Utilities - have readings below that. The most defensive of them all - Utilities - shows just 39% of the sector above the 50-day, a sharp change from just 2 weeks ago, when 90% were above. "The dynamic has clearly changed," writes Bespoke, with cyclical sectors now leading the charge. |Monday, Aug 202012, 4:24 PM| 7 Comments
Friday, Aug 172012, 8:59 AMAnother graphic look (via ukarlewitz) at the recent rally which is notable for its rotation into roughed up sectors like Energy, Materials, Industrials, and Discretionary, and out of popular defensive plays like Utilities, Health Care, and Staples. Have the hedge funds been caught wrong-footed again? |Friday, Aug 172012, 8:59 AM| 2 Comments